Utah General Sales exam UPDATED Exam Questions and CORRECT Answers
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Course
Utah General Sales
Institution
Utah General Sales
Utah General Sales exam UPDATED Exam
Questions and CORRECT Answers
M starts a small business teaching people how to do unique types of quilting and stitchery
and hires one person to help her. She finds an old house to rent cheaply. It only has one very
small 1/2 bath, and five steps to get i...
Utah General Sales exam UPDATED Exam Questions and CORRECT Answers M starts a small business teaching people how to do unique types of quilting and stitchery and hires one person to help her. She finds an old house to rent cheaply. It only has one very small 1/2 bath, and five steps to get in the front door. In this case, ADA requirements: (a) are violated because a handicapped person would not have equal acces s. (b) do not apply since there's only one employee. (c) don't apply as it would be too costly for a small business to make major construction modifications. (d) only apply when there are more than 15 employees. - CORRECT ANSWER - a An agent from a buyer brokerage represents the: (a) is a neutral facilitator (b) buyer (c) seller (d) seller and buyer - CORRECT ANSWER - b An appraisal may be considered complete without which of the following? (a) Property description (b) Signature (c) Date (d) Sales approach - CORRECT ANSWER - d What term best describes a situation where the lessor collects rents from the tenants and pays expenses out of those rents? (a) License estate (b) Gross lease (c) Net lease (d) Participation lease - CORRECT ANSWER - b Which of the following is NOT a true statement about the settlement statement? (a) It will note if monies were paid up front. (b) Buyer total closing cost appear on the back and front of the statement. (c) It is to account for all mone y involved in the transaction (d) The seller's loan payoff will be a debit to the seller, a credit to the buyer. - CORRECT ANSWER - d The buyers made an offer; the sellers accepted it by signing the sales contract. Then the buyers decided they wanted to e xtend closing a week later. What should the agent do? (a) X out the old date and write in the new date on the contract. Give eveveryone a copy. (b) Get the sellers permission, then notify the buyers of their agreement. (c) Rewrite the contract with the new date and get everyone's signatures. (d) Write an addendum with the new date and have both parties sign. - CORRECT ANSWER - d If the interest rate on a straight loan is 8% and the monthly interest payment is $650, wha t is the amount of the loan? (a) $88,750 (b) $97,500 (c) $75,682 (d) $103,250 - CORRECT ANSWER - b The appraiser was determing the value of the property based on the cost approach. The outside dimensions of the home were 28' x 40' and the cost was $11. 25 per square foot. His estimate of value was: (a) $126,000.00 (b) $1,530.00 (c) $765.00 (d) $12,600.00 - CORRECT ANSWER - d An up -front cost the lender charges to the borrower, usually a percent of the loan amount, that generates profit to the lender and factors in the lender's cost of getting money. (a) Document prep fee (b) Title insurance fee (c) Discount points (d) Origination fee - CORRECT ANSWER - d In which of the following situations involving a 1031 would income taxes NOT have to be paid? (a) The exchange of a boat which can be a residence for a single family home. (b) Exchanging a duplex and a car for a triplex (c) The exchange of two properties resulting in one owner owing $5,000 less than before on the property loan. (d) The exchange of a fourplex in the city for a small farm of equal value. - CORRECT ANSWER - d A lessee agreed to pay property tax and hazard insurance as well as rent. This lease is: (a) Gross lease (b) Percentage lease (c) Net lease (d) Proprietary lease - CORRECT ANSWER - c Using the sales comparison method, the property adjustment for a comparable property that is viewed to be worth $10,000 more because it is newer would be: (a) Add $10,000 to the comparable property. (b) Add $10 ,000 to the subject property. (c) Subtract $10,000 from the subject property. (d) Subtract $10,000 from the comparable property. - CORRECT ANSWER - d Which arrangement may occur in a typical construction loan? (a) The full loan is advanced before constr uction begins. (b) Funds are given after construction is completed. (c) Funds are paid in installments at various stages of construction. (d) Interest on the total amount of the loan is charged from the beginning. - CORRECT ANSWER - c
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